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1) Sign up for Ally Bank at www.ally.com2) Open up a 3 month CD3) Wait for it to mature. 4) Renew the CD to 5 years at 1.59% APY, and receive a .25% loyalty bonus, for a total of 1.84% APY.

It's worth it to pay the penalty to withdraw money from a CD prematurely.Ally has a small, 60 day interest penalty, so that means if you cancel after:1 year you get a resulting APY of 1.54% 2 years you get a resulting APY of 1.69%

Edit: If you purchase or renew your CD after 12/07/2013, the penalty is going up:3 years 90 days of interest4 years 120 days of interest5 years or longer 150 days of interest

Mango Prepaid has a 6% APY savings account (up to $5000, after that the APY gets lowered to a minute amount), free with direct deposit. Account costs $5 per month but it gets refunded if you load more than $500 per month.